Nifty futures on Singapore Exchange were up 0.1 percent, while the MSCI-Asia Pacific index excluding Japan was down 0.3 percent.

U.S. stocks fell on Monday in light trading after a rally that drove the S&P 500 last week to its highest level in nearly five years and as falling oil prices hit energy shares.

Asian shares retreated from four-month highs on Tuesday as markets paused from last week’s rallies, calculating the impact on growth from the Federal Reserve’s aggressive stimulus and eyeing whether Spain will request a bailout to ease its fiscal strains.

FACTORS TO WATCH

India’s Planning Commission head Montek Singh Ahluwalia, head of Prime Minister’s Economic Advisory Council C Rangarajan and other policy makers at summit. (0345GMT onwards)

India Finance Minister at a National Stock Exchange Event. (0515GMT)
India will release consumer price index data for August.(0530 GMT)

Trinamool Congress, the Congress Party’s biggest ally, will meet in the eastern city of Kolkata this evening to review its support to India’s ruling coalition government over the reforms push by Prime Minister Manmohan Singh.

Subir Gokarn, a deputy governor at the Reserve Bank of India at event. (1400GMT)

INDIAN STOCKS TO WATCH

India would be lucky to meet a target to keep the country’s fiscal deficit at 5.1 percent of the gross domestic product (GDP), Finance Minister P. Chidambaram said on Monday.

India will take additional fiscal consolidation measures by the end of October to boost growth, the country’s finance minister said, adding he expects the central bank to take more supportive measures in its next policy review….